The factors that might influence the cycle life vs. depth of discharge relationship are examined. This is done first at the single cell level using a progressively more complex cell life model. This is then extended to multicell battery strings where the stochastic aspects associated with groupings of cells are introduced. These relationships are important when considering the weight, cost, and life of battery packs. The results of this theoretical study are compared with a recent review of actual cell cycling data. The factors examined are the rate of capacity loss, the amount of excess capacity built into the cells, and the penalty in capacity loss resulting from the use of deep depths of discharge. This study suggests that the relationship between cycle life and depth of discharge is not one that can be varied of significantly improved by cell research. The relationship appears to be determined by certain more or less fixed cell parameters. Among multicell strings, the standard deviation, as expected, plays an important role in determining overall battery life.